New Square Loan in 2024

[SPPhotography1]

I’m at a bit of a loss for what else I need to do to be offered a new Square Loan at this point. I’ve been with Square for over 10 years, had 7 loans now that I’ve have paid back early every single time. Metrics are all in green, record sales year. In 2023, record numbers across the board, no refunds, no complaints or issues of any kind in our entire history. Current loan is 80% paid off, but no new offer in site. This is the kind of stuff that causes businesses to find someone else to process through! Please help! I’m sure I’ll get the same old excuses that you guys send to everyone about looking at every aspect of the business. But there isn’t a single aspect that isn’t way up. I’m not sure if there is a new process they are using now, or if there is some kind of issue with my banking or something else I’m not thinking about or aware of. Any help would be much appreciated. Thanks, because I could really use some new capital to start the year off with and reinvest into my business!

[Jjpainting]

Yeah this is common.  They wanted something online verifying your business is legit. I don’t have a website but I’m on google and google maps.  I sent them the link to both and they approved me right away after that. They are risking their investors money, so verifying that everything you do is legit is just them covering their but. It’s not like square where you have had a relationship with them.  Any bank or lender is going to ask for a lot of info on your business to know that you’re capable of paying back 

[Twpchair]

I get it and it's not out of the norm. To them, you are just another one looking for a loan. They operate a little differently and at first, they do require more information if they can't find you fast enough by a website, Facebook, etc. I had ID theft and was extremely nervous about giving my information out. With square, it's so easy, and boom done. I haven't done the Pipe thing either. I have such a security lock on my account the only way would be a 3-way call. I will keep it in mind but this is my busy season till after Christmas and ok right now. Good luck and hopefully this is the day!

[Obulldogs]

UPDATE:  I received an offer from Square at 85% Saturday night.  It was a little less than the last loan which means the loan fee was too.  However, the payback % was 2% higher! I'm always way ahead on minimum due so not sure why my rate would go up. I'm only open 5 days a week so maybe the two days I'm closed with not card transactions plays a roll. I'm loyal to Square for they have been good to me, so glad I waited for an offer. I accepted it Sunday evening and it was in my account in less than 20 minutes which is the norm. Good luck everyone!

[BeeBraids]

That’s some good news at least you received an offer! Thanks for the update

[Twpchair]

Congratulations first! I'm glad to see more offers coming in! In your long loan agreement can you look through it and see if it mentions anything about fees? You're the 3rd one this week that stated that. I went back through mine and I passed on my last 2 offers but I didn't see that. I don't believe 2 days off would be a factor. I don't know if the lower % to pay back would cause a time fee or if every transaction. Is it a new one-time processing fee? I don't know either. I did reach out to a mod to ask about it and for clarification but haven't heard back yet, I just sent it late last night.  I'm wondering just a guess if like other loans even our credit union charges a 20.00 one-time fee for when I started my LOC with them for paperwork and their time I guess? Of course, I accepted it because of the amount offered, and in out in a couple of hours, and she set it on my bank app for me. I truly don't know that's what I am trying to find out and didn't know if buried in your documents it was 

[maryanngregg]

Curious to what Pipe is? I’ve been waiting for another opportunity to use Square Loans but so far no offer. I have used them for years and am at 79% paid back, sales up, all green, not one charge back in 9 years and still no offer. I want to expand, it’s time! 

[Twpchair]

Unfortunately, it's been crazy around here with offers. Many are a higher % paid back to completely paid off. Others are popping in at 69% to 75%. A couple of months I could have told you to brace yourself for a ride! Now, if you scroll down I would say keep watching your loan page. Good luck and hopefully it will come in soon!

[Tailoredgent]

New here, wondering if people generally see offers come through right at the time the system review is done, or at anytime during the day. 

Waiting as many others are and just curious?

Trying the pipe option, let’s see…

[Twpchair]

Unfortunately, what you have read is what is going on. Not everyone posts here and like yourself, first-time user. Welcome, we do have a great group of long-time users with loads of experience and knowledge of the loan process. The good old for most (not all) tends to be a higher % paid back or completely paid off. Here and there you will see a 69% to 75% pop-in. A lot of lenders have pulled back and watching the market, economy, and other things going around the world. They have to answer to shareholders and investors as well. For the last 2 weeks or so the Pipe financing has seemed to help a lot on here to get them through to hopefully an offer. Good luck and keep us posted!

[BeeBraids]

Just applied to pipe, says this 

‘We're keeping a close eye on your payment configuration. As soon as we confirm your first revenue payout has successfully gone through, your funds will be sent to your designated account.’ Whatever that means. 

Also on 70% of my square loan as of tonight I’ll update on that when it updates (usually only once a  day right around 430pm) 

[Koleen1234]

Received a small loan from

pipe $4800 

Square 82% paid off and nothing

[photoguy2019]

I am 82% paid off as well with sales up 49% from last year

[Twpchair]

Correct me if im wrong but you were waiting for Square first before trying Pipe? I'm sorry I could scroll down but waiting for heating guy to come and jumped on here really fast. 

[BeeBraids]

Cool, How long did the process take do u remember?

[Twpchair]

From it looks like the first test batch 1 week roughly a tad longer if you applied on a Friday or Saturday. From start to deposit. 

[nyallblacks]

Pipe had me under the impression that they weren't Funding with open Square loans when they turned me down. I believe I was at 75%

[Twpchair]

Everyone I've seen has had a loan so far but 1 that I've seen that was completely paid off? I have seen a few in the 60% range. One got approved for both on the same day and the deposit was the same day! If you are interested you might want to call back and get a different Rep and go from there. Good luck! 

[Jjpainting]

I’m hoping for this. My last loan was less than half of the previous one with sales up 40% of prior year. This current loan which is about 10 weeks old, was less than my past 3 loans. My largest one was my last one that came in at 66% paid of the prior and the loan doubled. I remember it coming after a very busy week.  I just went from 34% all the way to 56% in 5 days. I’ll probably be hitting 60% tomorrow and possibly 65 in a few days. My first payment was due on the 16th. My second payment is due on November 15th. I’ve paid almost 4 times that payment already and on pace to have this down paid off before my second payment is due. I’m hoping this will adjust my loan back to what it should be 

[BWcreamery]

Hey man. I’m going to wait to except pipes offer to see how your offer goes with square first but wanted to ask you, 

Does pipe take a percentage at the end of day or per transaction like square? 

I got my offer Sept 1st and already 25% paid off but it was 1/3 of my last offer. 

Debating if I want to wait for square to up my next offer or take pipes offer to expand into our next endeavor. 

[Jjpainting]

Yeah I understand. I’m not sure if it’s going to mess up anything with squares offers. I’m almost to the point where I would be getting another offer. This time last year, my loan was just a tad bit higher than my current one. And I got an offer at 66% after a ton of sales and for double amount. I’m 10 weeks in my current loan and already 59% paid off. Probably willl be 64% in about an hour if a quote of mine is accepted. I’ve paid off 22% since my first payment was due on 09/16. I’ll keep you posted on any offers. With my current loan only being about 40% of my last one and on pace to pay it off well before my second payment is due.  Last year at this time, I was at $123k in card sales. Now I’m at $150k the last 52 weeks.  I mean if there is any consistency with loan offers, which I haven’t found any yet, but if there is, I should be getting an offer of around $18k any time. But I’m not holding my breath on an offer at all any time soon. I try not to get my hopes up.  

I haven’t quite figured out when exactly the payments are taken out for pipe.  When I spoke to the guy at pipe, I asked him the exact same thing.   He told me in real time (implying taken out just like square does with mine). When someone pays me by card, it’s in my account minus the loan payment in 2-4 minutes. During the past week, I’ve had a lot of sales (income) come in, 500% over last years time.  But at the same time, I’ve had to pay over $10k to pay for getting my car fixed due to accident (long story with insurance), paid like $650 for a rental and for one week only.   Decided it would be better to find a cheap truck for work. Bought one for $3500. Broke down 21 hours later and 40 miles driven.  So with a lot of money coming in plus going right out the window, i didn’t realize that 3 of my sales, pipe never took the money. When they  tried to, i didn’t have the funds for it. Got an email stating I owed like $500. Well since I honestly was figuring that the money I had, was already minus pipes 10%. I never looked. I emailed them back explaining this and that I had no bad intentions and honestly thought they had their money. I wanna keep a good relationship with em, so I can always have a line of credit with them. But I told them I need until tomorrow to pay em.  I’m hoping this doesn’t make pipe nor extend anymore after this. I mean this first line of credit was 2.5% of my yearly processing sales so it will be paid off quick. I’ll keep you posted on everything and if I figure out when pipe takes their money I’ll let you know. It seems to be kinda random. Between a day or two of the sale 

[Twpchair]

Hello, I just Googled their site and looked at reviews for the same topic how come it is taking so long to take out their percentage of daily sales? Reviews pretty much all like yours 1-3 days and boom big chunk gone. Their site does state the same thing 1-3 BUSINESS days so be careful on a busy day Saturday and Sunday and not a guarantee on Monday they will take it. It could take 1-3 days. Others said usually 2 days have been normal. Reddit wasn't as kind. I am not saying that they are good lifelines or bridges to use when waiting for a square loan or bank line of credit. But in the small print under terms and conditions, it states right there. I'm sure 99% of sale Reps don't offer that information up unless you grill them. You are on a string of bad luck, unfortunately, with an accident, lemon truck, and then boom 500.00 is a big chunk at one time. I have been there and done that with the car rental smh. I am really watching your next offer. In the days of the past, you are 100% Square did an excellent job of keeping up with your processing vs sales to do increases as you grew. Lately, I haven't seen but a couple with good or significant offers. My last up in sales and already ahead of last year's totals by 60% due to a mild winter. I was offered 1k higher than the previous but at 69%. That puts me roughly 40% less of the offer. I don't accept those unless it is needed fast. That's just me and I have a line of credit with my credit union. I like the upper 80s and 90s so I get most of my offers. Prior to the LOC in Michigan, we had that arctic winter and I accepted anything and everything to keep the doors open. YOU and only you know what is best and needed for your business! That's been the best advice or question I could ever answer. At the end of the day, it's you! Good luck to you and thank you so much for sharing your journey with both companies! I see others are following as well! 5* for keeping us all posted!